Zscaler, Inc. ZS
We are the cybersecurity platform for the AI era. We empower our customers with the cybersecurity solutions necessary to protect their enterprises, drive growth and outpace competitors where success depends on securely adopting the technologies required to operate and compete effectively in an AI world. We were founded in 2007, based on a vision that, with the broad adoption of SaaS applications, the internet would become the new corporate network, the cloud would become the new data center and perimeter-based security would fail to protect users, applications and data. As AI redefines how businesses operate, and powerful AI-enabled cyberthreats proliferate, enterprises must now adopt a zero trust approach to security. We deliver a comprehensive, cloud-native zero trust platform that minimizes the attack surface of an enterprise and eliminates lateral threat movement, enabling security at the scale and speed of AI. As a result, we believe we are the only cybersecurity platform capable of protecting enterprises in the most complex and consequential threat landscape in history.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.35B | $2.67B | $2.17B | $1.62B | $1.09B | $673.1M | $431.3M | $302.8M | $190.2M | $125.7M |
| Cost of revenue | $777.6M | $618.2M | $477.1M | $362.8M | $242.3M | $150.3M | $95.7M | $59.7M | $37.9M | $27.5M |
| Gross profit | $2.57B | $2.05B | $1.69B | $1.25B | $848.7M | $522.8M | $335.5M | $243.2M | $152.3M | $98.2M |
| R&D | $903.4M | $672.5M | $499.8M | $350.8M | $289.1M | $174.7M | $97.9M | $62.0M | $39.4M | $33.6M |
| SG&A | $308.9M | $251.8M | $212.1M | $178.9M | $151.7M | $96.5M | $73.6M | $46.6M | $31.1M | $20.5M |
| Total operating expenses | $2.71B | $2.18B | $1.81B | $1.49B | $1.18B | $730.6M | $449.5M | $278.5M | $186.9M | $133.3M |
| Operating income | -$133.3M | -$128.5M | -$121.5M | -$234.6M | -$327.4M | -$207.8M | -$114.0M | -$35.3M | -$34.6M | -$35.1M |
| Interest expense | $11.8M | $9.5M | $13.1M | $6.5M | $56.6M | $53.4M | $5.0M | $0 | $0 | $597.0K |
| Pre-tax income | -$17.1M | -$18.3M | -$29.2M | -$182.6M | -$383.6M | -$257.2M | -$112.7M | -$27.9M | -$32.3M | -$34.6M |
| Income tax | $46.0M | $23.2M | $28.5M | $19.8M | $6.6M | $4.9M | $2.4M | $743.0K | $1.3M | $877.0K |
| Net income | -$63.2M | -$41.5M | -$57.7M | -$202.3M | -$390.3M | -$262.0M | -$115.1M | -$28.7M | -$33.6M | -$35.5M |
| EPS, basic | -0.39 | -0.27 | -0.39 | -1.40 | -2.77 | -1.93 | -0.89 | -0.23 | — | — |
| EPS, diluted | -0.39 | -0.27 | -0.39 | -1.40 | -2.77 | -1.93 | -0.89 | -0.23 | -0.63 | -1.54 |
| Shares, diluted (wtd. avg.) | $160.2M | $154.4M | $149.6M | $144.9M | $140.9M | $135.7M | $129.3M | $123.6M | — | — |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $928.4M | $2.39B | $1.42B | $1.26B | $1.01B | $275.9M | $141.9M | $78.5M | $136.1M | $88.5M |
| Short-term investments | — | — | — | — | — | $1.23B | $1.23B | $286.2M | $163.0M | $0 |
| Receivables | $1.15B | $992.2M | $736.5M | $582.6M | $399.7M | $257.1M | $147.6M | $93.3M | $61.6M | $39.1M |
| Total current assets | $5.03B | $4.89B | $3.40B | $2.89B | $2.26B | $1.85B | $1.58B | $496.1M | $387.2M | $142.9M |
| Property, plant and equipment | $753.0M | $543.4M | $383.1M | $242.4M | $160.6M | $108.6M | $75.7M | $41.0M | $19.8M | $13.1M |
| Goodwill | $1.22B | $417.7M | $417.0M | $89.2M | $78.5M | $59.0M | $30.1M | $7.5M | $0 | — |
| Other intangibles | $214.4M | $47.3M | $63.8M | $25.9M | $31.8M | $32.1M | $24.0M | $8.7M | $0 | — |
| Total assets | $7.87B | $6.42B | $4.70B | $3.61B | $2.83B | $2.26B | $1.83B | $604.2M | $447.8M | $182.9M |
| Accounts payable | $48.0M | $46.9M | $23.3M | $18.5M | $26.2M | $12.5M | $5.2M | $6.2M | $4.9M | $3.8M |
| Total current liabilities | $2.96B | $2.43B | $3.11B | $1.54B | $1.13B | $720.2M | $423.9M | $261.9M | $182.8M | $120.5M |
| Long-term debt | — | — | $1.14B | $1.13B | $968.7M | $913.5M | $861.6M | — | — | — |
| Total liabilities | $5.27B | $4.62B | $3.43B | $2.88B | $2.26B | $1.73B | $1.35B | $295.6M | $207.5M | $133.1M |
| Retained earnings | -$1.25B | -$1.19B | -$1.15B | -$1.09B | -$991.9M | -$601.6M | -$339.6M | -$224.5M | -$196.1M | -$162.0M |
| Total equity | $2.60B | $1.80B | $1.27B | $725.1M | $573.3M | $528.9M | $484.8M | $308.6M | $240.2M | -$151.1M |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.13B | $972.5M | $779.8M | $462.3M | $321.9M | $202.0M | $79.3M | $58.0M | $17.3M | -$6.0M |
| Depreciation and amortisation | $148.5M | $104.4M | $66.3M | — | — | — | — | — | — | — |
| Stock-based compensation | $821.9M | $661.4M | $527.7M | $444.8M | $409.6M | $258.5M | $121.4M | $46.4M | $11.2M | $9.9M |
| Capital expenditure | $277.3M | $164.3M | $144.6M | $97.2M | $69.3M | $48.2M | $43.1M | $25.5M | $13.4M | $7.8M |
| Investing cash flow | -$2.65B | -$427.0M | -$683.2M | -$259.3M | $374.1M | -$109.7M | -$1.04B | -$162.1M | -$178.1M | -$8.2M |
| Financing cash flow | $62.4M | $420.5M | $64.2M | $46.0M | $41.3M | $41.7M | $1.02B | $46.4M | $208.4M | $9.5M |
| Buybacks | — | — | — | — | — | $0 | $0 | $22.0K | $3.8M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001713683-26-000157.
Others in SIC 7371
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|---|---|---|---|---|
| CTSH | COGNIZANT TECHNOLOGY SOLUTIONS CORP | $29.53B | 13.7x | 7.0% |
| VRSN | VERISIGN INC/CA | $26.37B | — | 6.4% |
| EPAM | EPAM Systems, Inc. | $6.04B | 17.4x | 15.4% |
| RGTI | Rigetti Computing, Inc. | $5.07B | — | -34.3% |
| DOCS | Doximity, Inc. | $4.81B | 26.9x | 13.1% |
| IA | INNOVATIVE SOLUTIONS & SUPPORT INC | $331.5M | 21.0x | 78.6% |
| RDNW | RideNow Group, Inc. | $225.6M | — | -10.5% |
| CYCU | Cycurion, Inc. | $91.5M | — | -14.8% |